2022年经济学人 科技股现在划算吗？（2）

（单词翻译）

These sky-high valuations partly reflected tech companies’ characteristics.

这些天价估值在一定程度上反映了科技公司的特点。

Firms from Alphabet to Zoom¹ tend to have relatively² few physical assets that are captured by book value and many intangible ones—such as software and human capital—that are typically not included.

从Alphabet到Zoom等公司按账面价值计入的有形资产相对较少，而许多无形资产--如软件和人力资本--通常不包括在内。

They also tended to be fast growers, meaning that measuring their price against present earnings³ risked understating future profits.

而它们往往也发展迅速，这就导致，如果将它们的价格与目前的利润进行比较，可能会低估未来的利润。

For this reason, tech stocks appealed more to “growth” investors⁴, who tend to buy companies with rapidly rising profits, than they did to value types.

出于这个原因，相比价值投资者，科技股对“成长型”投资者的吸引力更大，因为他们倾向于买入利润快速增长的公司。

This means value investors missed out on years of growth, but also dodged⁵ the recent rout⁶.

这意味着价值投资者错过了多年来的增长，但也躲过了最近的暴跌。

Are tech prices now low enough for them to take a look?

科技股价格现在低到足以让他们看一看了吗？

Some stocks, including Amazon and Netflix, remain expensive on favoured measures.

包括亚马逊和Netflix在内的一些股票以他们喜欢的指标来看仍然很贵。

Other smaller ones, including PayPal and Zoom, may attract interest.

PayPal和Zoom等其他规模较小的公司可能会引起他们的兴趣。

So might two giants.

两个巨头可能也是如此。

Alphabet, with a price-to-earnings ratio of 17, looks cheaper than most value stocks.

Alphabet的市盈率为17倍，看起来比大多数价值型股票都便宜。

Meta, which currently trades at just nine times earnings and two times book value, might have piqued⁷ even Graham’s interest.

Meta目前的市盈率仅为9倍，价格是账面价值的2倍，格雷厄姆甚至都可能对这样的数据产生兴趣。

Tech investors have long been conscious of having paid a lot for their shares, but hoped these valuations would be justified⁸ in the long-run.

科技投资者早就意识到他们为自己的股票花了很多钱，但他们希望从长远来看，这些估值是合理的。

The fact that many tech stocks now qualify as value stocks will come as a considerable blow.

所以，许多科技股现在符合价值股的标准这件事，对他们而言将是一个相当大的打击。

Perhaps the idea that value investing and tech stocks are inherently incompatible⁹ was simplistic.

价值投资和科技股天生就不相容的观点或许过于简单化了。

Modern value investing is practised by all sorts, including a number of quantitative¹⁰ investors such as Cliff Asness at AQR Capital Management, who crunch¹¹ vast data sets to compare firms against wide and varied¹² measures of their worth.

各类投资者都选择践行现代价值投资，包括一些量化投资者，比如AQR资本管理公司的克里夫·阿斯尼斯，这类投资者会处理大量数据集，好根据诸多价值衡量标准比较各个公司。

Rather than comparing the results with arbitrary criteria¹³ across all kinds of firms, they instead tend to compare them within industries.

他们不是按照任意标准将结果与各种公司进行比较，而是倾向于在行业内进行比较。

But one thing remains¹⁴ true regardless of the sophistication of the analysis.

但不管分析有多复杂，有一件事仍然是真的。

Tech stocks today are much better value than they were at the start of the year.

那就是，与年初相比，科技股今天的价值要高得多。